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October 2018

CasePro assists Excitel Broadband Group on the execution of the Series B Financing Round

CasePro team including Spartak Yovchev, Boyan Dombalov and Nikolay Georgiev successfully assisted Excitel Broadband Group, a virtual broadband internet services provider based in India, on the whole process of the execution of the Series B Financing Round in the group. CasePro, as a longtime legal partner of Excitel group, has been successfully advising it from the beginning of the expansion of its business operations, including on the closed financing rounds, intellectual property and corporate matters.

The invested funds under the Series B Round were at the amount of EUR 4,100,000 at a pre-money valuation of the business of Excitel equal to EUR 40,000,000. Under the round were involved investors with various investment background such as venture capital funds, individuals and investment legal vehicles, among which were New Europe Venture Equity II and Impetus Capital. The funds from the investment shall help the acceleration of the expansion of the business operations of Excitel group and shall facilitate the development of software technologies, giving the group an additional competitive advantage.

The plans of the shareholders for the next few years are to further raise additional funds under next financing rounds amounting up to EUR 30,000,000 for setting up new partnerships, processes optimization and software development, ranking Excitel among the most prominent brands in the industry operating on the territory of India.

Congrats to our friends for the milestones reached and keep up the progress with at least the same pace!

More information for the transaction, the business activities and the plans of Excitel group can be found here.

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